Abstract

This research aimed to assess the amount of financial knowledge SME Owners should have
in order to understand and develop information provided for them by their Accountant, and
use this information to identify problem areas that could be addressed in a financial training
package. A wide range of research already exists on this subject; however this research
intended to consider if the findings in the literature could also be applied to Small Business
Owners in West Sussex, and to detect knowledge gaps that could be included in a financial
training package.
The key findings from this research identified inconsistencies between the level of
knowledge Small Business Owners think they have, and the level of knowledge they actually
have. Additionally, Small Business Owners prefer assistance from their Accountants when it
comes to help with financial knowledge, but also preferred the use of online support when it
came to quickly and easily filling a financial gap. Many Small Business Owners increased their
level of financial knowledge as they progressed as a Business Owner, and did not believe
they would benefit from financial training.
The conclusion drawn from this project demonstrates that Small Business Owners in West
Sussex had a low level of financial knowledge. It was also concluded that the Small Business
Owners would prefer to seek help from their Accountant, rather than use a financial training
package, as they felt financial training would not make their business more profitable or
reduce their business risk, however there is scope to research further the online support
available for Small Business Owners.
It is recommended that SME Owners should ensure that they communicate with their
Accountant and seek support with their financial knowledge if they discover a gap in their
knowledge; it is then believed that this could increase their awareness of their business
finances enabling them to make well-informed decisions based on this knowledge.